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CSX Corp. announced second-quarter 2021 net earnings of $1.2 billion, or 52 cents per share, compared to $499 million, or 22 cents per share in the same period last year.
The results include benefits from the sale of certain property rights in CSX-owned line segments to Virginia for passenger-rail operations. The transaction favorably impacted operating income by $349 million, operating ratio by 11.7 percentage points, and earnings per share by 12 cents, CSX officials said in a press release.
Revenue for the quarter rose 33% to $2.99 billion, driven by growth across all lines of business. Expenses fell 9% year over year to $1.30 billion and operating income improved to $1.69 billion.
CSX posted a Q2 operating ratio of 43.4% compared to 63.3% in the previous year’s same quarter.
The quarterly results also reflect strong rebound from the pandemic’s impact during the same quarter in 2020.
Specifically, CSX reported:• Chemicals increased due to higher shipments of plastics, waste and other core chemicals, partially offset by lower shipments of crude oil;• Agricultural and food products increased as a result of higher shipments of ethanol, food and consumer products, and domestic grain;• Minerals increased primarily as a result of higher shipments of cement, lime and limestone;• Automotive increased due to higher North American vehicle production, which was unfavorably impacted in Q2 2020 by COVID-19 plant closures;• Forest products increased primarily due to higher shipments of building products and pulpboard;• Metals and equipment increased due to higher shipments across the metals market, partially offset by reduced equipment shipments;• Fertilizers increased due to higher long-haul fertilizer shipments, partially offset by lower short-haul phosphate shipments; • Intermodal increased due to tightening truck capacity, inventory replenishments and growth in rail volumes from east coast ports; and• Coal increased due to higher shipments across international export, domestic utility, and steel and industrial coal.